Aussie Pro Rugby
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The future of the Melbourne Rebels beyond the 2024 season will be known by early March after documents filed to the corporate regulator revealed the embattled Super Rugby franchise had only $17,300 in the bank. The grim financial state of the Super Rugby franchise was laid bare in a creditors meeting held on Thursday, the minutes of which were filed to the Australian Securities and Investment Commission on Monday. The administrators agreed to meet again by March 4, when they will hand down a report determining whether the Rebels should be wound up. Auditors from PwC appointed to investigate the club’s financials revealed the Rebels owe $11.6 million to the Australian Taxation Office, $5.7 million to board members, and $2.8 million to suppliers – which include sponsors that paid their fees upfront. -
@KiwiMurph How do you owe $6M to board members?
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@nzzp said in Aussie Rugby:
@KiwiMurph How do you owe $6M to board members?
Especially as the board got you into this mess.
They should be blackballed.
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@nzzp said in Aussie Rugby:
@KiwiMurph How do you owe $6M to board members?
Did some provide personal loans?
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@Bovidae said in Aussie Rugby:
@nzzp said in Aussie Rugby:
@KiwiMurph How do you owe $6M to board members?
Did some provide personal loans?
thats what i was wondering
@KiwiMurph said in Aussie Rugby:
and $2.8 million to suppliers – which include sponsors that paid their fees upfront.what does this mean? the sponsors pay them a fee to get a sign on the ground on jersey or something, how can they owe them money? is that only if they get wound up and dont play games so the sponsor doesnt get their moneys worth?
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@Kiwiwomble
The sponsorship part is probably future year agreements that have been paid upfront I guess -
@Kiwiwomble
Thats how I imagine it to be, the Rebels would have performance/appearance clauses with the sponsors and if not meet then money may need to be repaid -
@Bovidae said in Aussie Rugby:
@nzzp said in Aussie Rugby:
@KiwiMurph How do you owe $6M to board members?
Did some provide personal loans?
That's absolute fuckery, if true. You're on the Board to ensure things run smoothly. Popping your own cash into the venture creates a massive conflict of interest.
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i guess they might just not have been paid their fee's, they may have agreed to defer payments
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If they've amassed $6m in board fees since 2020 for such an organisation, I can see why they're in the state they are.
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@NTA said in Aussie Rugby:
@Bovidae said in Aussie Rugby:
@nzzp said in Aussie Rugby:
@KiwiMurph How do you owe $6M to board members?
Did some provide personal loans?
That's absolute fuckery, if true. You're on the Board to ensure things run smoothly. Popping your own cash into the venture creates a massive conflict of interest.
LOL that is pretty much every 'big benefactor' in sport. They give loans, which are sometimes written off, and they sit on boards. See all the premiership teams
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@Machpants said in Aussie Rugby:
LOL that is pretty much every 'big benefactor' in sport. They give loans, which are sometimes written off, and they sit on boards. See all the premiership teams
They must be much better at whatever they did to get the money than they are running a rugby club.
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@Tim Two things:
- Rebels won't exist next year so that's a smart move by his agent.
- Never heard of this Wallaby, so I'd suggest it's no loss.
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@antipodean Mate he not a bad player at all and a loss. I surprised you have never heard of him if you follow rugby.
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Good player. Only 25. More of a mobile blindside than a big bopper, tho at 193cm and 110kg no midget.
It's a shame. Even if there is a Rebels next year, not sure what they'll have left in terms of players.
Maybe the Force can stop being a retirement gig for foreign players and pick a few up.
An 11-team comp will be a bit shit tho.
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Another nail in the coffin
The Melbourne Rebels’ hopes of surviving beyond this season are swiftly fading after 10 administrative staff, including chief executive Baden Stephenson, were made redundant, with the remaining staff and coaches put on four-month contracts to see out the Super Rugby campaign. A day out from Super Rugby Pacific’s glitzy launch in Auckland, administrators PricewaterhouseCoopers began the process of winding up the Rebels on Tuesday by terminating the employment of all staff members, excluding players (given Rugby Australia is a party to their contracts).
